On Wednesday morning, the US hours saw a modest acceleration in Crypto’s recoil of the recent large highest movement, with Bitcoin
Tropecating almost 2% to just above the level of $ 107,000.
Atcoins were worse, with XRP
Solana and Dogecoin among sports decreases in the range of 3% -5%.
Among the actions related to cryptographic, Bitcoin miners were the most affected, with Mara Holdings (Mara), riot platforms (Riot) and Hut 8 (HUT) each lower by almost 10%.
Bitcoin Treasury companies were also showing considerable losses, directed by Gamestop (GME), 11% less that will announce the purchase of just over 4.710 bitcoin (or approximately $ 500 million at the current price), to some a fairly disappointing amount considering that the company raised $ 1.3 billion for the acquisition of Bitcoin several weeks ago.
Finished cycle?
The rally of approximately 50% of Bitcoin from the fund after April to a new record record of $ 112,000 last week has more than a few market participants, which suggests foam signs similar to 2021.
Not so fast, said Nydig’s research team.
First, they point out that Bitcoin has recovered about 7 times from the minimum of November 2022 in the $ 15,000 area, a good safe movement, but far behind the maximum movements of 452x in 2013, 112x in 2017 and 20x in 2021 (while Bitcoin is a much more mature asset today than today in the past and even a 20X movement might seem a bit of end of They suggest a decent amount.
The team also analyzed the market value until the value made (MVRV), which compares the current total market capitalization of all bitcoins with its added value depending on the last time each currency moved. It is current at 2.4x, well below the previous peaks, including the upper 4.0x of 2021.
“While all these are only difficult reference points, they suggest that there is still significant potential for Bitcoin,” Nydig concluded.
